NVE's, NPC's and SPPC's long-term debt consists of the following as of December 31 (dollars in thousands):

			2011								2010
					NVE								NVE
Long-Term Debt:			Consolidated		Holding Co.		NPC		SPPC		Consolidated		Holding Co.		NPC		SPPC
Secured Debt
	General and Refunding Mortgage
	Securities
		8.25% NPC Series A due 2011	$	0	$	0	$	0	$	0	$	350,000	$	0	$	350,000	$	0
		6.50% NPC Series I due 2012		130,000		0		130,000		0		130,000		0		130,000		0
		5.875% NPC Series L due 2015		250,000		0		250,000		0		250,000		0		250,000		0
		5.95% NPC Series M due 2016		210,000		0		210,000		0		210,000		0		210,000		0
		6.65% NPC Series N due 2036		370,000		0		370,000		0		370,000		0		370,000		0
		6.50% NPC Series O due 2018		325,000		0		325,000		0		325,000		0		325,000		0
		6.75% NPC Series R due 2037		350,000		0		350,000		0		350,000		0		350,000		0
		6.50% NPC Series S due 2018		500,000		0		500,000		0		500,000		0		500,000		0
		7.375% NPC Series U due 2014		125,000		0		125,000		0		125,000		0		125,000		0
		7.125% NPC Series V due 2019		500,000		0		500,000		0		500,000		0		500,000		0
		5.375% NPC Series X due 2040		250,000		0		250,000		0		250,000		0		250,000		0
		5.45% NPC Series Y due 2041		250,000		0		250,000		0		0		0		0		0
		6.00% SPPC Series M due 2016		450,000		0		0		450,000		450,000		0		0		450,000
		6.75% SPPC Series P due 2037		251,742		0		0		251,742		251,742		0		0		251,742
		5.45% SPPC Series Q due 2013		250,000		0		0		250,000		250,000		0		0		250,000
	Variable Rate Debt (Secured by
		General and Refunding Mortgage
		Securities)
		NPC IDRB Series 2000A due 2020		98,100		0		98,100		0		98,100		0		98,100		0
		NPC PCRB Series 2006 due 2036		37,700		0		37,700		0		37,700		0		37,700		0
		NPC PCRB Series 2006A due 2032		37,975		0		37,975		0		37,975		0		37,975		0
		SPPC PCRB Series 2006A due 2031		58,200		0		0		58,200		58,200		0		0		58,200
		SPPC PCRB Series 2006B due 2036		75,000		0		0		75,000		75,000		0		0		75,000
		SPPC PCRB Series 2006C due 2036		81,475		0		0		81,475		81,475		0		0		81,475
		Revolving Credit Facilities		0		0		0		0		15,000		0		0		15,000
Senior Notes
		6.75% NVE Senior Notes due 2017		0		0		0		0		191,500		191,500		0		0
		6.25% NVE Senior Notes due 2020		315,000		315,000		0		0		315,000		315,000		0		0
		2.81% NVE Term Loan due 2014		195,000		195,000		0		0		0		0		0		0
Obligations under capital leases				51,270		0		51,270		0		55,735		0		55,735		0
Unamortized bond premium
and discount, net				(12,546)		0		(25,455)		12,909		2,611		1		(11,748)		14,358
Current maturities				(139,985)		0		(139,985)		0		(355,929)		0		(355,929)		0
Total Long-Term Debt			$	5,008,931	$	510,000	$	3,319,605	$	1,179,326	$	4,924,109	$	506,501	$	3,221,833	$	1,195,775

As of December 31, 2011, NPC's, SPPC's and NVE's aggregate annual amount of maturities for long-term debt (including obligations related to capital leases) for the next five years and thereafter are shown below (dollars in thousands):

(1) Amounts may differ from current portion of long-term debt as reported on the consolidated balance sheet due to the timing difference of payments and the change in obligation.

Substantially all utility plant is subject to the liens of NPC's and SPPC's indentures under which their respective General and Refunding Mortgage bonds are issued.

Future cash payments for these capital leases, combined, as of December 31, 2011, were as follows (dollars in thousands):

In October 2011, NVE entered into a $195 million 3-year term loan agreement (Term Loan). The Term Loan is an unsecured, single-draw loan that is due on October 7, 2014. The borrowing under the Term Loan bears interest at the LIBOR rate plus a margin. The current LIBOR margin rate is 2.00%. The margin varies based upon NVE's long–term unsecured debt credit rating by S&P and Moody's. However, NVE entered into a floating- for- fixed interest rate swap agreement to lock in an effective interest rate of 2.81% for the length of the Term Loan.

The Term Loan contains conditions of borrowing, events of default, and affirmative and negative covenants. The Term Loan includes (i) a financial covenant to maintain a ratio of total consolidated indebtedness to total consolidated capitalization, determined on the last day of each fiscal quarter, not to exceed 0.70 to 1.00 and (ii) a fixed charge covenant that requires NVE not to permit the fixed charge coverage ratio, determined on the last day of each fiscal quarter, to be less than 1.50 to 1.00.

In November 2011, NVE used the proceeds of the Term Loan, plus cash on hand, to redeem its unsecured $191.5 million 6.75% Senior Notes (“Senior Notes”). The notes were redeemed at 102.25% of the stated principal amount plus accrued interest to the date of redemption. With this redemption, NVE and the Utilities are no longer subject to the restrictive covenants contained in the Senior Notes, which were more restrictive then the covenants described above for the Term Loan.

In November 2010, NVE issued and sold $315 million of its 6.25% Senior Notes, due 2020. Of the approximately $311 million in net proceeds, $307 million was used in December 2010 to redeem the approximately $230 million in the aggregate principal amount of 8.625% Senior Notes due 2014, and the approximately $63.7 million in the aggregate principal amount of 7.803% Senior Notes due 2012. The 8.625% Notes were redeemed at a purchase price of $1,028.75 for each $1,000 principal amount of the Notes, plus accrued interest. The 7.803% Notes were redeemed at a purchase price of $1,019.51 for each $1,000 principal amount of the Notes, plus accrued interest. The remaining net proceeds were used for general corporate purposes.

In May 2011, NPC issued and sold $250 million of its 5.45% General and Refunding Mortgage Notes, Series Y, due May 15, 2041. The approximately $248 million in net proceeds, plus a portion of the proceeds from a draw on NPC's revolving credit facility, were utilized to pay at maturity NPC's $350 million aggregate principal amount of 8.25% General and Refunding Mortgage Notes, Series A, which matured on June 1, 2011. In conjunction with this debt issuance, NPC entered into an interest rate swap hedging agreement with a notional principal amount of $250 million and a mandatory termination date of June 1, 2011. The interest rate swap agreement was entered into to effectively lock the interest rate of the U.S. Treasury component of the prospective General and Refunding Note issuance. The swap transaction was settled on May 9, 2011, when NPC launched and priced the Series Y Notes, resulting in a settlement payment amount of $14.9 million, which was recorded as a cost to issue in a deferred debit and will be amortized over the 30 year life of the Series Y Notes in accordance with past accounting precedent for our regulated Utilities.

In September 2010, NPC issued and sold $250 million of its 5.375% General and Refunding Mortgage Notes, Series X, due 2040. Of the approximately $247 million in net proceeds, $231 million was used in October 2010 to redeem (i) approximately $206 million in the aggregate principal amount of fixed rate unsecured tax-exempt local furnishing (“two-county”) bonds issued for NPC's benefit and (ii) approximately $20 million unsecured tax-exempt pollution control refunding revenue bonds issued for NPC's benefit. The remaining net proceeds of approximately $16 million were used to repay amounts outstanding under NPC's revolving credit facility.

In April 2010, NPC terminated its $589 million secured revolving credit facility which would have expired in November 2010 and replaced it with a $600 million secured revolving credit facility, maturing in April 2013. The fees on the $600 million revolving credit facility for the unused portion and on the amounts borrowed have increased from the prior facility reflecting current market conditions. The Administrative Agent for the facility remains Wells Fargo Bank, N.A. The rate for outstanding loans under the revolving credit facility will be at either an applicable base rate (defined as the highest of the Prime Rate, the Federal Funds Rate plus ½ of 1.0% and the LIBOR Base Rate plus 1.0%) plus a margin, or a LIBOR rate plus a margin. The margin varies based upon NPC's credit rating by S&P and Moody's. Currently, NPC's applicable base rate margin is 1.25% and the LIBOR rate margin is 2.25%. The rate for outstanding letters of credit will be at the LIBOR rate margin plus a fee for the issuing bank.

The $600 million revolving credit facility contains a provision which reduces the availability under the credit facility by the negative mark-to-market exposure for hedging transactions with credit facility lenders or their energy trading affiliates. The reduction in availability limits the amount that NPC can borrow or use for letters of credit and would require that NPC prepay any amount in excess of that limitation. The amount of the reduction is calculated by NPC on a monthly basis, and after calculating such reduction, the NPC Credit Agreement provides that the reduction in availability under the revolving credit facility to NPC shall in no event exceed 50% of the total commitments then in effect under the revolving credit facility. As a result of the suspension of the Utilities' hedging program, there was no negative mark-to-market exposure for NPC as of November 30, 2011 that would impact borrowings during the month of December 2011.

The NPC Credit Agreement contains one financial maintenance covenant that requires NPC to maintain a ratio of consolidated indebtedness to consolidated capital, determined as of the last day of each fiscal quarter, not to exceed 0.68 to 1. In the event that NPC did not meet the financial maintenance covenant or there is a different event of default, the NPC Credit Agreement would restrict dividends to NVE. Moreover, so long as NPC's senior secured debt remains rated investment grade by S&P and Moody's (in each case, with a stable or better outlook), a representation concerning no material adverse change in NPC's business, assets, property or financial condition would not be a condition to the availability of credit under the facility. In the event that NPC's senior secured debt rating were rated below investment grade by either S&P or Moody's, or investment grade by either S&P or Moody's but with a negative outlook, a representation concerning no material adverse change in NPC's business, assets, property or financial condition would be a condition to borrowing under the revolving credit facility.

The NPC Credit Agreement provides for an event of default if there is a failure under NPC's other financing agreements to meet certain payment terms or to observe other covenants that would result in an acceleration of payments due.

The NPC Credit Agreement places certain restrictions on debt incurrence, liens and dividends. These restrictions are discussed in Note 8, Debt Covenant and Other Restrictions.

In November 2010, SPPC provided a notice of redemption to the holders of its 6.25% General and Refunding Mortgage Notes, Series H, due 2012, in an aggregate principal amount of $100 million. The notes were redeemed in December 2010 at a purchase price of $1,069.61 for each $1,000 principal amount of the Notes, plus accrued interest. The redemption was funded predominantly with available cash on hand, with the balance being funded with a draw on its bank revolving credit facility.

In April 2010, SPPC terminated its $332 million secured revolving credit facility which would have expired in November 2010 and replaced it with a $250 million secured revolving credit facility, maturing in April 2013. The fees on the $250 million revolving credit facility for the unused portion and on the amounts borrowed have increased from the prior facility reflecting current market conditions. The Administrative Agent for the facility is Bank of America, N.A. The rate for outstanding loans under the revolving credit facility will be at either an applicable base rate (defined as the highest of the Prime Rate, the Federal Funds Rate plus ½ of 1.0% and the LIBOR Base Rate plus 1.0%) plus a margin, or a LIBOR rate plus a margin. The margin varies based upon SPPC's credit rating by S&P and Moody's. Currently, SPPC's applicable base rate margin is 1.25% and the LIBOR rate margin is 2.25%. The rate for outstanding letters of credit will be at the LIBOR rate margin plus a fee for the issuing bank.

The $250 million revolving credit facility contains a provision which reduces the availability under the credit facility by the negative mark-to-market exposure for hedging transactions with credit facility lenders or their energy trading affiliates. The reduction in availability limits the amount that SPPC can borrow or use for letters of credit and would require that SPPC prepay any amount in excess of that limitation. The amount of the reduction is calculated by SPPC on a monthly basis, and after calculating such reduction, the SPPC Credit Agreement provides that the reduction in availability under the revolving credit facility to SPPC shall in no event exceed 50% of the total commitments then in effect under the revolving credit facility. As a result of the suspension of the Utilities' hedging program, there was no negative mark-to-market exposure for SPPC as of November 30, 2011 that would impact borrowings during the month of December 2011.

The SPPC Credit Agreement contains one financial maintenance covenant that requires SPPC to maintain a ratio of consolidated indebtedness to consolidated capital, determined as of the last day of each fiscal quarter, not to exceed 0.68 to 1. In the event that SPPC did not meet the financial maintenance covenant or there is a different event of default, the SPPC Credit Agreement would restrict dividends to NVE. Moreover, so long as SPPC's senior secured debt remains rated investment grade by S&P and Moody's (in each case, with a stable or better outlook), a representation concerning no material adverse change in SPPC's business, assets, property or financial condition would not be a condition to the availability of credit under the facility. In the event that SPPC's senior secured debt rating were rated below investment grade by either S&P or Moody's, or investment grade by either S&P or Moody's but with a negative outlook, a representation concerning no material adverse change in SPPC's business, assets, property or financial condition would be a condition to borrowing under the revolving credit facility.

The SPPC Credit Agreement provides for an event of default if there is a failure under SPPC's other financing agreements to meet certain payment terms or to observe other covenants that would result in an acceleration of payments due.

The SPPC Credit Agreement places certain restrictions on debt incurrence, liens and dividends. These limitations are discussed in Note 8, Debt Covenant and Other Restrictions.